Tuesday, May 5, 2015

Rezoning Approved for Mixed-Use Development at Providence and Ardrey Kell Roads in South Charlotte, NC

John W. 'Johnny' Harris
CHARLOTTE, N.C. (May 5, 2015) — The Charlotte City Council has unanimously approved a rezoning request that will permit a new mixed-use development on 188 acres the Rea family owns at the intersection of Providence and Ardrey Kell roads in south Charlotte.

 Lincoln Harris is serving as an advisor to the Rea family during the development process and will partner with the family to develop the office and retail components of the project. Construction of the development is slated to begin early next year.

The rezoning request technically covered 194 acres, as it encompassed a six-acre plot featuring 50,000 square foot of existing office space that will remain unchanged.

“We have listened carefully to the comments and wishes of the surrounding residents and the city of Charlotte,” said Johnny Harris, president and CEO of Lincoln Harris.

 “First and foremost, the Rea family wants this property to be a benefit to the community, and the site plan is a response to what we heard from the public, which, in part, is a desire for more work options in the area, more opportunities for shopping and dining, and more classroom space.”

Part of Former Charlotte Golf Links Complex
The new 188-acre development, located on what was once the site of the Charlotte Golf Links complex, will encompass up to 200 single-family homes, up to 650,000 square feet of office space, up to 250,000 square feet of retail and up to 500 multifamily housing units.

For a complete copy of the company’s news release, please contact:

Stephen Ursery
The Wilbert Group
404-549-7150 (O) 404-405-2354 (C)

Berkadia Southeast opens office in Chattanooga, TN; Names Marcus Lyons New VP / Managing Broker

Marcus Lyons
Chattanooga, TN--- Berkadia, which ranks as one of the nation’s leading brokers of multi-family properties and development sites and one of the nation’s largest and most active multifamily investment banking and research companies, has opened its 90th U.S. office in Chattanooga, Tenn.

Berkadia Southeast Partner Cole Whitaker, based in Orlando, said the new 2,500 square foot Chattanooga office will serve apartment owners and investors in the Chattanooga, Knoxville, Murfreesboro and southern Kentucky market areas.

At the same time Berkadia named Marcus Lyons Vice President of Investment Sales and Managing Broker in Tennessee, Whitaker said.

Lyons is the former owner and CEO of Lyons Group, Inc., which marketed and brokered multi-family and investment real estate assets throughout Tennessee.

Previously Berkadia Partner David Oakley who head’s the firm’s Birmingham, Ala. office, represented Berkadia for brokerage in the Tennessee market, Whitaker said.

Lyons has participated in sales and brokerage of properties valued at more than $75 Million during his career with both Hendricks & Partners and Berkadia.  Lyons attended the University of Tennessee at Chattanooga College of Business.

For a complete copy of the company’s news release, please contact:

Larry Vershel or Beth Payan, Larry Vershel Communications Inc.  407-644-4142 Lvershelco@aol.com

Cohen Commercial Realty Signs Clothes Mentor to 3,291-SF Lease in Tequesta, FL

Tequesta Shoppes, Tequesta, FL
TEQUESTA, FL  – Bryan S. Cohen and Travis Langhorst of Cohen Commercial Realty, Inc., announced today the signing of Clothes Mentor to lease a 3,291-square-foot unit at Tequesta Shoppes.

 Located at the intersection of Federal Highway U.S. 1 & Waterway Road, the center is home to Marshall’s, Tuesday Morning and Home Goods.

 Cohen Commercial Realty, Inc. represents the landlord.

For a complete copy of the company’s news release, please contact:

Nicole Luciano
Cohen Commercial Realty, Inc.
5041 Okeechobee Boulevard
West Palm Beach, Florida 33417
Mailing Address:
P.O. Box 223244
West Palm Beach, Florida 33422
561.471.0212 Office
561.471.5905 Fax

George Smith Partners Secures $22 Million in Financing for Acquisition of a Newly-Constructed Los Angeles, CA Retail Center

Juanita Tate Marketplace, South Central Neighborhood
 Los Angeles, CA
LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged $22 million in financing for its client, Optimus Properties, LLC and Infinity Redevelopment, LLC, for the acquisition of Juanita Tate Marketplace, a 77,000 square-foot, newly constructed retail shopping center in the South Central neighborhood of Los Angeles, California, according to George Smith Partners’ Senior Vice President Shahin Yazdi.

The property was developed in partnership with the City of Los Angeles and the nonprofit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to this dense, low income area of the Los Angeles market.

Shahin Yazdi
According to Shahin Yazdi of George Smith Partners, the structure of the acquisition financing was focused on high debt and low equity.

“Our client wanted to secure as much debt as possible for this acquisition in order to conserve the company’s valuable equity,” explained Yazdi. 

“Ultimately, we were able to secure an impressive 90 percent loan-to-close, allowing our Client to bring the least amount of equity possible to the transaction in order to purchase the property.”

Yazdi notes that, when identifying acquisition financing for the property, one factor that made the investment stand out to potential lenders was the property’s valuation, which far exceeded the purchase price of $24 million.

  In fact, some appraisers estimated the property value in the $30 million range.

“In addition to the property’s high appraisals, the asset has strong in-place co-anchor tenants, including CVS and local grocery chain Northgate Gonz├ílez Markets,” he said. “These tenants, coupled with the limited supply of nearby retail options made this investment particularly attractive to potential lenders.”

For a complete copy of the company’s news release, please contact:

Corynne Randel/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

Post Properties Announces First Quarter 2015 Earnings

Dave Stockert
ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $19.0 million, or $0.35 per diluted share, for the first quarter of 2015 compared to $13.3 million, or $0.24 per diluted share, for the first quarter of 2014. 

Net income for the first quarter of 2015 included a gain on the sale of a retail condominium of $1.8 million, or $0.03 per diluted share.

Said Dave Stockert, Post’s CEO, “The Company continues to produce strong growth in profits and cash flows through balanced contributions from our core portfolio, our development business and our capital and balance sheet management. 

"Conditions for the overall housing and apartment markets remain favorable.”

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.

Chris Papa, 404-846-5028

Chatham Lodging Promotes Dennis Craven to Chief Operating Officer; Jeremy Wegner Joins Company as CFO

Jeffrey H. Fisher
 PALM BEACH, FL —Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale, extended-stay hotels and premium-branded, select-service hotels, announced that it has promoted Dennis M. Craven from chief financial officer to executive vice president and chief operating officer.

The company also announced that Jeremy Wegner is joining the company as senior vice president and chief financial officer. 

“With our portfolio of owned and joint-venture hotels now exceeding $3 billion and more than 130 hotels nationwide, combined with our appetite to continue building Chatham into the premier upscale, extended-stay and select-service hotel REIT, it was important for us to add depth to our executive management team,” said Jeffrey H. Fisher, Chatham’s chairman, president and chief executive officer.

Dennis M. Craven
  “Dennis’ promotion recognizes the significant contributions he has made to the company since joining Chatham and Jeremy brings nearly two decades of sophisticated financial and hospitality expertise to Chatham.

“Dennis will remain responsible for Chatham’s overall financial  strategy, will lead our expanding asset management, investor and brand relationship functions and oversee the overall operations of Chatham.”

Mr. Wegner has a significant track record of involvement in more than $50 billion of mergers, acquisitions and equity and debt financings.  

Prior to joining Chatham, he served as vice president of mergers and acquisitions for Starwood Hotels & Resorts Worldwide where he was responsible for identifying and executing merger, acquisition, and divestiture opportunities. 

For a complete copy of the company’s news release, please contact:

Chris Daly  
Daly Gray Public Relations                                  
 (703) 435-6293                                                                                                                 

SWBC Mortgage Takes Action to Help Families with Critically Ill or Injured Children

Susan T. Stewart
WASHINGTON, DC – Today, SWBC Mortgage Corporation, headquartered in San Antonio, Texas, made a sizable donation to the MBA Opens Doors Foundation in Washington, DC. Opens Doors is a non-profit organization run by the Mortgage Bankers Association (MBA) and dedicated to providing assistance to families with a critically ill or injured child by making their mortgage or rent payment.

“Opens Doors has an important mission, and we were honored to make a serious contribution to that mission,” said Susan Stewart, CEO of SWBC Mortgage. 

“When a family has to care for a child in a critical medical condition, they should be able to do so without fear that they will lose their home.”

SWBC Mortgage Corporation is a wholly-owned subsidiary of SWBC, a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals.

“On behalf of everyone working with the MBA Opens Doors Foundation, I want to thank Susan Stewart and the entire SWBC Mortgage team for this generous donation,” said Debra Still, Chairman of the MBA Opens Doors Foundation and President & CEO of PulteMortgage.

“Every penny of this significant contribution will go towards keeping families in their homes during one of the worst personal crises anyone can imagine and allow those families to focus one hundred percent of their energy on getting their child healthy again.”

Debra Still
For most families, the fear of losing a home is second only to the sense of panic that comes with the need to care for a loved one who is suffering from a major illness – especially if they are a child.

 The MBA Opens Doors Foundation was developed as an industry association model for utilizing both expertise and resources to help individuals and families facing housing challenges associated with the significant cost of care for a seriously ill child.

Opens Doors is currently able to pass 100 percent of the donations it receives on to families in need of assistance. The Foundation’s ongoing relationship with Washington, D.C.’s Children’s National Medical Center provides a partner organization to help identify potential grant recipients.

The MBA Opens Doors Foundation is a 501(c)(3) organization and all contributions are tax deductable. For more information about the Foundation or to make a donation, please go to www.mbaopensdoors.org.

For a complete copy of the company’s news release, please contact:

Ali Ahmad